Ann: FY2025 Half Year Results Presentation, page-64

How very Shakespearean .

A few observations worth noting in my opinion.

They made $16,527,000 in favorable exchange rate difference to the half year period ending 31st Dec 2024 as against a loss of $15,164,000 in the previous comparable half year reporting period to 31st December 2023. Now that doesn't necessarily mean they are going to realise this ' actual ' amount again. Namely because the exchange rate at 31st December has pretty much reflected nil or minimal movement from and to where it currently sits.

But what it does mean in terms of their own forecast / Guidance is that they use in their guidance figures ( re note 13 from page 5 below ) , a much higher AUD to USD rate of .667. So what this means in terms of reporting next figures is that the actuals for the FIRST quarter of 2025 may reflect as much as a $5 million favorable movement to that currently being reported by the figures.

13 Guidance assumes average annual foreign exchange rates of AUD:CAD 0.91 and AUD:USD 0.667

And that could end up being significant if the $121,894,000 revenue to the half ended 31st December 2024 holds up in comparison in the 2025 first half and quarters reporting.

Remembering too , that we have somewhat of a head start in reported cashflows with the $24.6 million recorded in receivables for product shipped and not paid for as well as the $27.5 million in combined work in progress and finished goods inventories which would have been shipped in January.

In addition to that , I reckon you can add the receipt of the $11.028 million in reported GST / QST owed by the Canadian Tax Authorities which should be received in the March Quarter.

So that will no doubt be a positive to the movements in cash reported at the end of March 2025.

So plenty to look forward to for the next reporting period.

Given all this potential positive's for the first quarter at least , I'm somewhat baffled at Friday's closing movement to 1.9 cents on what amounted to 66.8% of the ASX traded stock of $126,717,537. And what's more interesting is that of that 84,666,804 which went through on close at 4:10:33 pm , almost HALF of that or 40 million went through in large parcels early in the beginning of this closing match.

And what makes it so interesting is that there were no CXXT trades at 1.95 cents from the last reported ' pre-close ' trades at 3:59 pm which included the smallish CXXT trades of 2.05 cent trades also at 3:59 pm.

There were also NO late trades or special crossings as reported in most all of the other lithium stocks like PLS, MIN , LTR etc.... with Sayona copping more than double the dip down than any of the others including its proposed merger partner PLL.

So on the surface and at first glance , it would appear that a significant holder was wanting out with the large evenly dispatched orders.

It would be my guess then , that we see a lot of CXXT trades at 1.95 cents and possibly finish as high as 2.1 cents in tomorrow's session. This would at least be a positive indicator for future direction for the SP.

If not , will we see a change in significant holders notice if the selling continues into Moday , or is this obvious comparative oversell in my view and in respect to Sayona more indicative of a reassessment of the likelihood of a successful merger going ahead in its present format and terms.